Victoria’s Secret Closing 250 Stores Around North America
Well, the list of retailers that are either going bankrupt or closing just keeps piling and now we can add Victoria's Secret to the list.
The lingerie company who was once worth $29 billion at its peak in 2015 (via Fortune), announced on Wednesday that they would be closing about 250 stores, including three Pink stores, with more expected over the next couple of years, reports USA Today. The company's CEO said that they plan on expanding their online presence and that the decision to shutter stores will only strengthen their business.
L Brands, which owns Victoria's Secret, also owns Bath & Body Works and said they would also be closing 50 of those stores. Most will be in malls where foot traffic isn't expected to increase after the coronavirus pandemic. L Brands also plans on operating Victoria's Secret as a standalone company, separate from B&BW.
Between the U.S. and Canada, there are almost 1,100 Victoria's Secret stores. Other than the 250 closures, the company plans on reopening all of their stores by the end of July. The affected locations have yet to be announced.
Victoria's Secret has 29 stores in Michigan with 4 in West Michigan (Grand Rapids, Grandville, Muskegon and Portage).
Since the pandemic, JCPenney, J. Crew, Neiman Marcus, and Pier 1 Imports have all announced store closures.